Annual Report 2001 - Flughafen Wien

Annual Report 2001
subsidiary Vienna International Airport Security Services Ges.m.b.H.: GetService Dienstleistungsgesellschaft
m.b.H. (share: 100%) and GetService-Flughafen-Sicherheits-Servicedienst
GmbH (share: 51%). These companies were not included in the consolidation because their
influence on the asset, financial and earnings position of the group is immaterial.
Effects of changes in the consolidation range on the consolidated balance sheet:
in T€ 2001
Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,324.7
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-972.4
Non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.0
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82.8
Minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158.5
Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111.0
Consolidation Principles
___The financial statements of companies included in the consolidation were prepared as of
the same date used for the consolidated financial statements. The annual financial statements
of all major companies were audited and verified by certified public accountants. The book
value method is used to eliminate the investment and equity. Under this method, the acquisition
price of an investment is compared with the relevant shareholders’ equity at the point
of founding or purchase. Any positive differences are recorded as goodwill and amortised on
a straight-line basis over their useful life. For associates, the proportional share of profit or
loss is added to or subtracted from the value of the investment (equity method). For the consolidation
of liabilities, receivables and loans granted were offset with corresponding liabilities
and provisions. All expenses and revenue arising from the provision of goods or services
between member companies of the Group were eliminated. Interim profits arising from the
transfer of assets between Group companies were eliminated with an appropriate charge or
credit to the income statement.
Foreign Currency Translation
___All foreign subsidiaries are located in the euro zone. Financial statements prepared in local
currency are translated into euro based on the official exchange rates.
Tangible and Intangible Assets
___Tangible and intangible assets are valued at purchase or production price less ordinary
straight-line depreciation or amortization. Ordinary depreciation and amortization is based on
the following useful lives:
Years
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 – 50
Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 – 20
Technical equipment and machinery . . . . . . . . . . . . . . . . . . . . . . . . .5 – 20
Other equipment, furniture, fixtures and office equipment . . . . . . .4 – 15
Concessions and rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 – 10
___Low-value assets are completely written off in the year of purchase. A full year’s depreciation
is taken for assets purchased during the first half of the year; one-half this amount is taken for
additions made during the second six months.
In 2001, the useful life of buildings used in operations was increased from 25 years to 33 years
and 4 months. This led to a decrease of roughly T€ 4,900 in depreciation for 2001.
Goodwill
___Goodwill is defined as the surplus of the price paid for a company over the value of
purchased identifiable assets and liabilities on the date of acquisition. Goodwill is amortised
on a straight-line basis over the assumed useful life of the asset, up to a maximum of 20
years. The future economic benefit of remaining goodwill is analysed as of each balance
sheet date. Any goodwill not expected to be covered by an expected future economic benefit is
amortised immediately with an appropriate charge to the income statement.
Notes 79